GI Partners, a San Francisco investment firm, has paid $79 million, or roughly $567 a square foot, for 3701 Market St. in the University City neighborhood of Philadelphia.
The sale of the 8-story, 141,913-square-foot building highlights how life sciences properties trade at a premium and continue to attract outside real estate investors to Philadelphia and the region.
Spring House Innovation Park in Lower Gwynedd, a building that houses the University of Pennsylvania’s translational research lab at 125 S. 31st St. in University City along with the WuXi Apptec portfolio at the Philadelphia Navy Yard are among life sciences and health care properties to have recently sold to national firms from outside of the Philadelphia area. In other cases, international firms have also made investments in these Philadelphia properties.
The sale prices of those properties have been steep. For example, 125 S. 31st. sold last December for $634 a square foot and an equity stake in Spring House Innovation went for $211 a square foot that same month.
Interest in the life sciences sector has gained momentum as a result of how the city and region are positioned as a leader in cell and gene therapy.
For more information about Philadelphia medical space for sale or lease or about any other Philadelphia properties for sale or lease, please contact WCRE at 215-799-6900.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier Philadelphia medical commercial real estate broker that provides a full range of Philadelphia commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other Philadelphia commercial properties for buyers, tenants, investors, and sellers.
Please visit our websites for a full listing of Philadelphia commercial properties for lease or sale through our Philadelphia commercial real estate brokerage firm.